Inventory in the Ann Arbor school district continues to drop. At the end of September there were 654 homes for sale with 22.8% under contract. Here at the end of December, that number has dropped to 513 homes for sale, which is a 22% decrease in inventory, with 22.6% under contract, which has stayed consistent. This gives us a 6.2 month supply of housing for the Ann Arbor school district, which has decreased by 19% in the last quarter of the year. Now, the $400k – $600k price range is seeing a lower housing supply and is joining the more competitive under $400,000 market, with the months supply of housing ranging from 5.2 – 6.5 which is still considered a balanced market. The under $100k market is seeing a 3.8 months supply of housing, putting it into a sellers market for the first time in a while. Although decreasing in the over $600,000 market, the months supply of housing is consistently over 9 months. Over $1,000,000 we have 16.4 months supply of housing.

In spite of the lower inventory under $400,000, houses still have to be in excellent condition and priced competitively in order to sell. Even with limited choices, buyers are not willing to make compromises. With so many home owners being upside down on their mortgage, I see the market inventory remaining tight for the foreseeable future.

In the real estate market, if there is less than a 5 months supply of homes on the market, you are in a seller’s market. A 5-7 month supply of homes is a balanced market. Anything over 7 months is a buyer’s market. As you’ll notice from the stats below, prices appear to have stabilized under 600k, however, there is still downward pressure on prices once you get above 600k.

ANN ARBOR REAL ESTATE MARKET UPDATE, DECEMBER 2010

ZIP Codes: 48103, 48104, 48105, 48108

Approximate Location Boundaries: Ann Arbor School District

Location Characteristics: Ann Arbor has many distinct neighborhoods that offer a variety of home buying opportunities. The area is a cultural Mecca with many performance centers and theaters, live music, dance groups, libraries, museums, parks, & farmer’s markets. It is considered the education capital of the Midwest because it is home to the University of Michigan, one of the country’s top universities. The Ann Arbor area offers one of the most varied menus of restaurants in the state with Main Street as one of Michigan’s best places to eat, people watch and shop. In July, Ann Arbor is host to the Ann Arbor Art Fairs, which is among the nation’s top street festivals and takes up nearly all of the downtown area. Artists and shoppers travel from all over the country to attend this yearly event. Ann Arbor is a great place to live!

Martin Bouma - your Ann Arbor expert – can help you find the perfect piece of Ann Arbor real estate. Whether you’re buying or selling a home, the Bouma Group can answer any questions you have about real estate in Ann Arbor. Thinking of settling down in Washtenaw County, Dexter, Saline, or a specific Ann Arbor neighborhood? Contact the Bouma Group today at 734-761-3060 or info@bouma.com. And don’t forget to check out our Condo Hotline – we know the Ann Arbor condominium market better than anyone!

BEST OF SHOW: The Black Pearl for their incredible fish tacos…

BEST ENTRÉE: Once again, The Black Pearl for the fish tacos…

BEST APPETIZER: Real Seafood Company for their shrimp and scallop skewer lightly dressed with pineapple and apricot salsa…

BEST DESSERT: Conor O’Neill’s Traditional Irish Pub for their homemade rich and delicious bread pudding…

WEMU TASTER’S CHOICE: Cafe Felix for their melt-in-your mouth mini crab cakes…

If you’re in the mood for a burger, you can enjoy a good one at the Blue Tractor, but remember, Restaurant Week is about diversity. You can enjoy a stay-cation and feel like you have traveled the world.

• The Earle – award-winning French and Italian country cuisine.
• Mahek Indian Cuisine – well seasoned vegetarian and non-vegetarian Indian delights.  Want to compare this food to other Indian restaurants?  Try Shalimar, specializing in North Indian, Tandoori, and Mughlai dishes, or Mercy’s, which offers Burmese fare.
• Melange – Eurasian eclectic cuisine served in a casually sophisticated atmosphere that makes it one of the Top Bars in the country in 2008, according to the Editors of Nightclub & Bar Magazine.
• The Prickly Pear – southwest and Mexican delights, including their sought-after scallops and buffalo enchiladas.  Bandito’s California Style and Sabor Latino offer popular Mexican cuisine too.
• Café Habana – award-winning Cuban food.  No joke, this restaurant has been winning awards and winning customers since it opened in 2007.
• The Chop House – if elegant American cuisine is what you seek, the Chop House excels.
• Logan – also features New American cuisine influenced by French. Latin American, European, and Asian cultures and exquisitely executed by Chef Thad Gillies.  One of my favorites, Logan has a SoHo feel to it.
• Looking for a new hangout?  The Arbor Brewing Company or Vinology welcome you with locally brewed beer or a wide selection of wine – and invite you to come back frequently.

The choices abound, with Greek, Italian, Ethiopian, Japanese, Thai, and more rounding out the June 2010 Restaurant Week list.  There are many more great restaurants in the city, such as another favorite of mine, the elegant and sophisticated West End Grill, but Restaurant Week will introduce you to a few of them – and perhaps re-introduce you to exciting downtown Ann Arbor.

Located in the heart of downtown Ann Arbor at the corner of West Huron and North Ashley, the Ashley Terrace condominiums are 10 stories of luxury and convenience, rising above 10,000 square feet of retail space and 16,500 square feet of office space. The condos are the perfect type of Ann Arbor real estate for the young professional who wants to live and work in a vibrant urban center near 30 cosmopolitan restaurants, shopping, farmer’s markets, culture, and the University of Michigan. Currently, The Bouma Group is listing several units that illustrate the variety of price points and floor plans available – but the flavor of the neighborhood is available to all. 

The Ashley Terrace Condominiums offers the bounty of downtown living to its residents. In time, services will be even more convenient as the onsite retail and office space is filled. If this sounds like your kind of place, Martin Bouma – your Ann Arbor neighborhood expert – can show you units that are currently for sale and meet virtually all of your Ann Arbor real estate needs Whether you’re buying or selling a home, the Bouma Group can answer any questions you have about real estate in Ann Arbor. Interested in Washtenaw County, Saline, or a specific Ann Arbor neighborhood? Call the Bouma Group today! And don’t forget to check out our Condo Hotline – we’ve got a handle on the Ann Arbor condominium market

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On October 31^st from 11:00am to 5:00pm the Ann Arbor Main Street Area Association is sponsoring a Treat Parade.  Parents can take their little ghosts, goblins, princesses and fairies along the Main Street area sidewalks to collect some treats from businesses with balloons flying at their doors.  However, before collecting candy, parents and children can join storytellers, Laura Pershin Raynor and Elizabeth Schneider, at the Ann Arbor District Library.  The downtown branch library at 343 S. Fifth Avenue will have stories, songs and trick or treat from 9:30am to10:00am or 10:30am to 11:00am.  After finishing with fantastic stories and songs at the library, make plans to visit some of the local participating businesses.

There are also great cultural events happening in Ann Arbor.  Upcoming events include the Ann Arbor Blues and Jazz Festival (August 2-3) and the Edgefest Music Festival (October 15-18).

However, if you just want to find somewhere to kick back and relax at the end of a long day, there are great clubs and bars available.  A few of the favorites include:
·    Arbor Brewing Company Pub and Eatery
·    Ashley’s Restaurant and Pub
·    Aut Bar
·    Connor O’Neil’s
·    Grizzly Peak Brewing Company

If you are ever searching for things to do in the Ann Arbor area, be sure to contact us, your Ann Arbor real estate specialists- we are here to hep you enjoy Washtenaw County.

The 2008 Ann Arbor Art Fair proved to be one of the best in recent history. Local hotels were booked as over 500,000 people emerged on the streets of downtown Ann Arbor, enjoying the sights and sounds of one of the Top 10 art fairs in the country. Every type of artist from photographers to sculptors to jewelry artisans were featured in an array of tents with the usual visionary magnetism that draws so many loyal art enthusiasts to our lovely city. What set this year’s art fair apart from previous years were the exciting work shops and live performances. The Ann Arbor Art Fair continues to get better every single year, and this annual fair was no exception!

Top 5 Best Attractions at The 2008 Ann Arbor Art Fair

1) Jesse Palter Quartet– Combining the influences of Jazz greats Ella Fitzgerald and Sarah Vaughan, Jesse Palter has become one of the most celebrated and dynamic singer/songwriters in the Detroit scene. To have her perform at The Ann Arbor Art Fair was an absolute thrill! There were so many fantastic performances this year, but the Jesse Palter Quartet was one of the most memorable!

2) Daria Kim – Local Ann Arbor Artist, Daria Kim uses clay sculpture to design colorful and artistically distinctive pieces. A member of the local Ann Arbor Guild, this artist stood out as one of the best.

3) Digital Media Workshop – The Ann Arbor Art Fair featured some incredible workshops this year. The Motion Picture Institute of Michiganoffered free editing workshops on software like Avid, FrameForge 3D Studio and Sony Vegas Pro 8. For the tech-curious, this workshop was a hit!

4) The ArtZone Imagination Station – Once again, one of the most happening places at The Ann Arbor Art Fair was The ArtZone’s Imagination Station! Children were artistically engaged with free workshops throughout the fair. This is an annual hot spot for kids to take a break and lose themselves in the endless realm of art and imagination.

5) Vincent Serbin- From Woodstock, NY, Vincent Serbin is a renowned photographer that has been celebrated around the world. He is a true original using the classic black and white imagery combined with drawings and multiple-image printing to create iconic photographs.  We were thrilled to have him as a featured artist at The Ann Arbor Art Fair.

Did you attend the art fair?  Who was your favorite artist?  Which tent did you spend the most time at?  Was there a workshop that you attended?

The 49th annual Ann Arbor Street Art Fair begins July 16-19, 2008 at the Diag on Central Campus at The University of Michigan and at the north end of Ingalls Mall Lawn.  The Art Fair that draws over 500,000 visitors to Ann Arbor welcomes 174 juried artists as well as eight new artists from local universities and and colleges.  Enjoy Eco-Art Projects, party with locals at the Townie Street Party and lose yourself in a whirlwind of artisan tents and gourmet food stands!  Visit The Bouma Group Blog next week to read about the highlights of The Ann Arbor Street Art Fair.

Handy Information For Ann Arbor’s Largest Art Fair

• Getting There – Find the best route to The Ann Arbor Art Fair
• Artisit Directory – Find your favorite artists or discover the latest and greatest on the art scene!
• 2008 Visual Art Workshops- Don’t miss this exciting work shop led by local artists
• 2008 Performances on The Lawn- Experience local musicians and performance artists
• Imagination Station- Featured at The ArtZone on the south end of Ingalls Mall Lawn offering fun activities for the whole family!  Be sure to check out Fantasy Faces, a popular stop for face paintings!

Where It All Started

The Ann Arbor Art Fair began in the summer of 1960.  Artisan owner Bruce Henry approached the Ann Arbor Art Association requesting an annual arts and crafts market to coincide with the popular “Summer Bargain Days” held by local merchants.  Vibrantly colored Japanese paper fish donated by Henry marked the first Ann Arbor Street Art Fair!  In 1970, a collection of young artists from Ann Arbor organized a seperate Free Arts Festival, offering a “free fair” at the Diag, on The University of Michigan’s Central Campus.  Through time, the local artisits came into full bloom embracing 4 street fairs in Ann Arbor that have evolved into the Nationally acclaimed Ann Arbor Street Art Fair:

• Ann Arbor Street Art Fair
• Ann Arbor State Street Art Fair
• Ann Arbor Summer Art Fair
• South University Art Fair

 Beat the heat - drop by The Bouma Group to get FREE bottled water, as we are only 2 blocks away from The Ann Arbor Art Fair! We are conveniently located at 564 S. Main Street, on the corner of Madison St. and Main St. in downtown Ann Arbor.  Have you been to The Ann Arbor Art Fair?  What is your favorite part of the fair? We’d love to hear about any memorable experiences that you’ve had at the art fair.  Is there an event or performance that you can recommend?